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| Shortage of homes keeping prices high, says Nationwide | Shortage of homes keeping prices high, says Nationwide |
| (about 1 hour later) | |
| The shortage of homes coming on to the market is helping to keep house prices high, the Nationwide has reported. | The shortage of homes coming on to the market is helping to keep house prices high, the Nationwide has reported. |
| The building society said that prices increased by 0.3% in July, the second month running there has been a rise. | The building society said that prices increased by 0.3% in July, the second month running there has been a rise. |
| Nationwide said the increase appeared to be at odds with recent signs of cooling in the housing market. | Nationwide said the increase appeared to be at odds with recent signs of cooling in the housing market. |
| Over the last year, prices are up by 2.9%, slightly lower than last month's rate of 3.1%. | Over the last year, prices are up by 2.9%, slightly lower than last month's rate of 3.1%. |
| Earlier this month, the Royal Institution of Chartered Surveyors (Rics) said estate agents had fewer properties on their books than at any time over the last 40 years. | Earlier this month, the Royal Institution of Chartered Surveyors (Rics) said estate agents had fewer properties on their books than at any time over the last 40 years. |
| "Constrained supply is likely to continue to provide support for house prices and, as a result, we continue to expect prices to rise by about 2% over 2017 as a whole," said Robert Gardner, Nationwide's chief economist. | "Constrained supply is likely to continue to provide support for house prices and, as a result, we continue to expect prices to rise by about 2% over 2017 as a whole," said Robert Gardner, Nationwide's chief economist. |
| However the ratings agency Moody's said it thought that house prices were now likely to fall outright. | However the ratings agency Moody's said it thought that house prices were now likely to fall outright. |
| HM Revenue and Customs reported that the number of housing transactions dropped to its lowest level for eight months in June. | HM Revenue and Customs reported that the number of housing transactions dropped to its lowest level for eight months in June. |
| And earlier this week, the Bank of England said the number of mortgage approvals in the month fell to a nine-month low of 64,684. | And earlier this week, the Bank of England said the number of mortgage approvals in the month fell to a nine-month low of 64,684. |
| Based on its own data, the average price of a house or flat in the UK is now £211,671, the Nationwide said. | |
| Where can I afford to live? | Where can I afford to live? |